ICAN vs. ACCA - 7 points to decide which Professional Accounting qualification to take in Nigeria.

Although I’m a grandson of ICAN, but I’d keep this assessment objective and fair. I’d explore the pros & cons of each qualification and ultimately, you should choose.

First, is annual subscription fees. ACCA is $258 annual membership fees, while ICAN is 22k. So ICAN takes this one.

Second, relevancy of training materials. ACCA materials are prepared by Kaplan, BPP & other world class firms, & this materials align with ACCA curriculum/syllabus as determined current international IFRS practice. ICAN, I believe 3yrs ago contracted Kaplan to review her study materials. So ACCA easily takes this one.

Third, Exam modules. The ACCA syllabus consists of 13 examinations; Knowledge Level (3 papers), Skills Level (6 papers), Essential Level (4). The ICAN syllabus consists of 16 examinations; Foundation (5), Skills (6) & Professional (5). So ACCA takes this one too.

Fourth, Exam diets & flexibility. ACCA exams are held 4 times in a year and in every session, you can take upto 4 papers and in 1 year you can complete 8 papers. ICAN exams were formally written twice a year, but now held 3 times a year, and you can take any number of papers in each level as you wish. I think ICAN takes this one with an edge, or no, it’s a tie.

Next, is Registration & Exam fees. Yes, this is major key, especially since ACCA payments are denominated in $. ACCA initial registration is $32, $106-$285 per paper in skills, $185 - $316 per paper in Essentials and so on. ICAN costs way less, 5 papers in foundation costs 47k, 71k in skills & 79k in professional. So ICAN easily takes this one.

Local relevance. Employers demand for ACCA as much as they demand ICAN, however, most Multinationals have preference for ACCA, while most National firms prefer ICAN. So, it’s a tie here.

Global relevance. ACCA global is administered and recognized in 180 countries. Since living in the UK, I realized no ones knows or cares about ICAN. So ACCA easily takes this one. If you’re looking at a global career beyond Nigeria, you have your answer. However, ICAN is doing a lot to improve its global image including pattering with IFAC and other global bodies, so its image will continually improve at the global scene, starting from West Africa.

Ultimately, I can’t tell you which to take or not, it depends sole on your unique situation (finances, career disposition, etc).